Comments:

Here we create base stimed object and set timeTarget parameter to target out html .time class. It'll automatically update time value to html text element.

Initialize Plugin:

var stimed = new $.stimed({
  timeTarget: '.time'
});

Example:

// Time target and other global settings could be set separately later if main object exist
stimed.settings.timeTarget = '.time';
stimed.settings.speedUp = 1000;